FX.co ★ Trading tips for EUR/USD

EUR/USD fell after the release of the FOMC minutes and closed with another pin bar on the daily (D1) chart. This signals for further decrease in prices.

Clearly, the immediate target in the D1 chart is 1.01462.

So, considering that recent price movements form a three-wave pattern (ABC), where wave A represents the bearish pressure yesterday, traders should enter the market by selling from current prices up to the 50% retracement level. Set stop loss at 1.02. and take profit on the breakdown of 1.01500 and 1.01230.

This trading idea is based on the framework of "Price Action" and "Stop Hunting" strategies.

Good luck and have a nice day!